Latest news

Watch: How Amar Jawan Jyoti was merged with War Memorial flame

Watch: How Amar Jawan Jyoti was merged with War Memorial flame

Sushant Singh Rajput's 36th birth anniversary: Must watch films of the actor

Sushant Singh Rajput's 36th birth anniversary: Must watch films of the actor

Clubhouse viral chat case: Mumbai cops arrest 3 for targeting Muslim women

Clubhouse viral chat case: Mumbai cops arrest 3 for targeting Muslim women

Fond of web series? check out the titles that TV stars recommend

Fond of web series? check out the titles that TV stars recommend

Renowned actor and singer Meat Loaf passes away at 74

Renowned actor and singer Meat Loaf passes away at 74

Edison Motors To Acquire Ssangyong Motor Company

Mahindra & Mahindra will finally let go of the debt-ridden SsangYong Motor Company as a local consortium led by Edison Motors has agreed to acquire the South Korean carmaker. The electric car company will acquire SsangYong for Rs. 1,882 crore. The consortium has asked for a 95 per cent stake in SsangYong against their investment, the automaker said in a regulatory filing. Mahindra held the majority 75 per cent stake in SsangYong. The announcement comes amidst the ailing automaker's struggles to find a new buyer due to mounting losses. SsangYong's sales declined 21 per cent in 2021 with the company reporting an operating loss of Rs. 1,473 crore with a revenue of Rs. 11,140 crore. Mahindra acquired SsangYong in 2010 bringing it back from near-bankruptcy at the time. The company did attempt several turnaround strategies for the brand that included introducing new products and co-developing platforms. However, the automaker's worsening financial health prompted the Indian auto giant to finally let go of the company.

Up Next

Edison Motors To Acquire Ssangyong Motor Company

Edison Motors To Acquire Ssangyong Motor Company

Hyderabad Could Host A Formula E Race In The Future

Hyderabad Could Host A Formula E Race In The Future

Tata Motors To Hike Prices From January 19, 2022

Tata Motors To Hike Prices From January 19, 2022

2022 BMW X3 Facelift Launch On January 20

2022 BMW X3 Facelift Launch On January 20

New-Gen Maruti Suzuki Celerio CNG Launched at Rs. 6.58 lakh

New-Gen Maruti Suzuki Celerio CNG Launched at Rs. 6.58 lakh

Kia Carens Receives 7,738 Pre-Bookings In A Day

Kia Carens Receives 7,738 Pre-Bookings In A Day

More videos

Tata Safari Dark Edition Launched In India

Tata Safari Dark Edition Launched In India

Kia Carens MPV Bookings Open Today

Kia Carens MPV Bookings Open Today

Simple One Electric Scooter Deliveries To Begin In June 2022

Simple One Electric Scooter Deliveries To Begin In June 2022

Passenger Vehicle Sales Grow By 26.66% In 2021: SIAM

Passenger Vehicle Sales Grow By 26.66% In 2021: SIAM

Honda CB300R BS6 Launched In India

Honda CB300R BS6 Launched In India

Volkswagen To Debut Compact Sedan In March

Volkswagen To Debut Compact Sedan In March

New-Gen Range Rover Launched In India

New-Gen Range Rover Launched In India

Yezdi Motorcycles Relaunched

Yezdi Motorcycles Relaunched

2022 KTM 250 Adventure Launched In India

2022 KTM 250 Adventure Launched In India

Mercedes-Benz To Launch EQS In India In 2022

Mercedes-Benz To Launch EQS In India In 2022

Editorji Technologies Pvt. Ltd. © 2019 All Rights Reserved.